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As a long$-$term investment, Painters' Equipment Company purchased $20\%$ of AMC Supplies Incorporated's $590,000$ shares for $$670,000$ at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC$$s net assets were equal. During the year, AMC earned net income of $$350,000$ and distributed cash dividends of $20$ cents per share. At year$-$end, the fair value of the shares is $$714,000.$

Required:

$1.$ Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.Required information

$[$The following information applies to the questions displayed below.$]$

As a long$-$term investment, Painters' Equipment Company purchased $20\%$ of AMC Supplies incorporated's $590,000$ shares

for $$670,000$ at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of

AMC's net assets were equal. During the year. AMC earned net income of $$350,000$ and distributed cash dividends of $20$

cents per share. At year enc, the fair value of the shares is $$714,000.$

Required:

Assume no significant inflience was acquired Prepare the appropriate journal entries from the purchase through the end of the

year.

Note: If no entry is required for a transection$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the purchase of AMC Supplies shares for $$670,000$ as a long$-$term

investment.

Note: Enter debrts beftre credits.